Pakistan’s foreign exchange reserves, specifically held by the State Bank of Pakistan (SBP), showcased a slight increase, with a rise of $3.7 million, indicating a growth of 0.05% during the week ending on November 3, 2023, as per recent data from the central bank.
According to the State Bank of Pakistan (SBP), the country’s overall reserves saw a similar positive trend, climbing by $37.6 million, an increase of 0.3%.
Commercial banks within Pakistan also experienced an increase in their reserves, rising by $33.9 million, marking a 0.67% increase to a total of $5.1 billion.
In the preceding fiscal year, Pakistan secured a $3 billion Stand-By Arrangement (SBA) from the International Monetary Fund (IMF), which significantly aided the nation as it grappled with financial strain.
The initial $1.2 billion disbursement under the SBA, accompanied by $3 billion in bilateral inflows from Arab countries, notably bolstered the nation's diminishing foreign reserves.
Consequently, in the ongoing fiscal year, the total liquid foreign reserves soared by a remarkable $3.45 billion, signifying a notable increase of 37.71%.
